Kingfisher Provides Update on Regional Exploration at the Goldrange Project

VANCOUVER, September 28, 2021 - Kingfisher Metals Corp. (TSXV:KFR)(FSE:970)(OTCQB:KGFMF) ("Kingfisher" or the "Company") is pleased to provide an update on regional exploration at the Goldrange Project. Goldrange is located approximately 25 km south of the town of Tatla Lake in Southwest British Columbia.

Ridge and spur talus and soil sampling was completed over several regions within the 367 km² Goldrange Project. Rock sampling and backpack drilling was completed within newly identified grassroots targets in addition to confirmation sampling at historical zones of mineralization.

Highlights

• Rock sampling up to 89 g/t Au at the Lori Zone, up to 43 g/t Au at the Lost Fiddle Zone, and up to 38 g/t Au at the Lotus Zone
• Regional grassroots talus sampling up to 2.75 g/t Au and >100 g/t Ag
• Regional grassroots rock sampling up to 4.01 g/t Au, 463 g/t Ag, and >1% Sb

Dustin Perry, CEO of Kingfisher states "Regional work at Goldrange continues to demonstrate the discovery potential across the Goldrange Project. Confirmation sampling at historical zones has increased the grade and size of these targets. Grassroots exploration has identified multiple new areas of anomalous precious metals."

The Goldrange Project covers a significant deformation zone with numerous precious metal veins across the project. Mineralization at Goldrange occurs within the orogenic Yalakom Gold Belt, which is also host to the Bridge River District that includes the past producing Bralorne Mine. Several areas of historical hand mining are located within the project and date back to the 1930s.

Regional Exploration Summary

Regional exploration across the Goldrange Project has been focused on advancing several targets to the drill ready stage in addition to covering areas proximal to the Cloud Drifter Trend as well as the northern end of the project which was previously unexplored.

A total of 214 rock samples were collected of which 55 are reported in this release. A total of 2,604 soil and talus fine samples were collected of which 649 are included within this release. Backpack drilling of shallow holes was completed at the Lori, Langara, Lost Fiddle, and Lotus Zones. Geological mapping was completed along ridge and spur traverses in addition to select targets.

The areas of work included within this release are denoted on Figures 1 and 2, which include all sampling completed to date by Kingfisher in addition to samples digitized from historical work programs.

Figure 1: Goldrange Regional Soil Samples

Figure 2: Goldrange Regional Rock Samples

Lori Zone

The Lori Zone (Figure 3) is situated in the center of the Goldrange Project at the headwaters of Ottarasko Creek. Recent glacial melting has revealed several hundred meters of new bedrock exposure. The bulk of work carried out on this historical target was completed in the mid 1980s by Homestake Resources and resulted in a peak value of 20.36 g/t Au from quartz-arsenopyrite veins.

Kingfisher collected 45 rock samples ranging from below detection limit to a maximum value of 88.35 g/t Au. Additionally, rock sampling returned highly anomalous grades for bismuth and tellurium with values up to 626 ppm Bi and 578.1 ppm Te.

Geological mapping has revealed a similar setting to the Cloud Drifter Trend with sedimentary rocks intruded by a more competent intrusive. Veining occurs proximal to and within this intrusive. Additionally, mafic dykes occur near this contact and appear to have some effect on gold deposition. Ductile textures were identified in the field, placing the Lori Zone at a deeper depth than the Cloud Drifter Trend.

Backpack drilling was completed over 3 shallow holes (0.1 m to 0.74 m) with results including: 10.9 g/t Au over 0.54 m, 3.14 g/t Au over 0.74 m, and 2.72 g/t Au over 0.1 m.

Figure 3: Lori Zone

Lotus Zone

The Lotus Zone (Figure 4) is located at the southwestern end of the Goldrange Project. The showing was originally discovered in 1990 by a prospector. Historical sampling recorded a peak value of 22.76 g/t Au over 1 m. Mineralization is defined by a 1.5-3 m quartz-pyrite shear vein that can be traced for approximately 25 m before disappearing under cover in both directions. The vein occurs near a triple junction contact between volcanic, sedimentary, and intrusive rocks.

Work by Kingfisher was designed to confirm historic grades as well as extend sampling along strike from the historical outcrop. Kingfisher took 16 rock samples of which 6 are included within this release and range from 0.14 g/t Au to a maximum value of 38.4 g/t Au. Additionally, backpack drilling was completed over several shallow holes (assays pending) and a soil survey (assays pending) was completed across the strike of the projection of this showing with the hopes of identifying extensions under cover.

Figure 4: Lotus Zone

Lost Fiddle Zone

The Lost Fiddle Zone (Figure 5) has limited historically documented work and no historical assays. The zone is approximately 3 km northeast of the Cloud Drifter Trend. Kingfisher geologists prospected the area of the historical showing and outlined an area of blast trenching with quartz-sulfide breccias.

Mineralization is defined by sulfide-cemented quartz breccias that contain primarily arsenopyrite in addition to chalcopyrite, sphalerite, and other unidentifiable dark grey sulfides.

A total of 26 rock samples were taken of which 6 are included within this release. Gold values returned so far range from 1.1 g/t Au to 42.8 g/t Au. Rock sampling revealed a complex mineral system with highly anomalous grades for several other elements. Sampling returned values up to 1,097 g/t Ag, 4.5% Cu, 0.95% Pb, 1.56% Bi, and 0.32% Co.

Backpack drilling was completed over several shallow holes (assays pending) in this area in addition to a tightly spaced soil survey (assays pending). Future work on this target should include an IP survey given the high sulfide content of mineralization.

Figure 5: Lost Fiddle Zone

Grassroots Exploration

Prospecting and ridge and spur soil sampling were completed across the project area. Included within this release are portions of the northern end of the Goldrange Project in addition to areas immediately north of the Cloud Drifter Trend.

The CD North Zone (Figure 6) revealed an area of hornfels sedimentary rocks and intrusives with anomalous ridge and spur talus fine sampling up to 0.23 g/t Au and rock sample values up to 0.37 g/t Au. Additionally, rock sampling returned anomalous antimony values up to 0.39% Sb. Although limited work was completed on this target in 2021, the initial signs are promising for the formation of auriferous veins.

Figure 6: CD North Zone

Ridge and spur soil and talus fine sampling was completed across much of the northern portion of the Goldrange Project (Figure 7). This area has not seen any historical exploration. Several areas of anomalous gold emerged from this survey with grades up to 2.75 g/t Au in talus fines and up to 4.07 g/t Au in rock sampling. Four ridgeline traverses revealed anomalous mineralization with two ridge lines appearing to highlight a northwest trend (Razorback Zone). Rock sampling at the Razorback Zone (Figure 8) revealed high-level textures with anomalous silver (up to 463 g/t Ag) and antimony (up to >1% Sb) indicating an epizonal nature to the mineralization.

Several areas of arsenic anomalism were identified in the field with a portable XRF* device (Figure 7). These areas were followed up with detailed geochemical surveys for which results are pending.

Given the lack of historical exploration in this area and the limited time spent generating these targets in 2021, Kingfisher is very excited with these initial results.

The remainder of the results from the 2021 regional exploration program at the Goldrange Project will be released as they become available.

Figure 7: Goldrange North Regional Sampling

Figure 8: Razorback Zone

Qualified Person

Dustin Perry, P.Geo., Kingfisher's CEO, is the Company's Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has prepared the technical information presented in this release.

About Kingfisher Metals Corp.

Kingfisher Metals Corp. (https://kingfishermetals.com/) is a Canadian based exploration company focused on underexplored district-scale projects in British Columbia. Kingfisher has three 100% owned district-scale projects that offer potential exposure to high-grade gold, copper, silver, and zinc. The Company currently has 80,633,300 shares outstanding.

For further information, please contact:
Dustin Perry, P.Geo.
CEO and Director
Phone: +1 236 358 0054
E-Mail: info@kingfishermetals.com

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: formulation of plans for drill testing; and the success related to any future exploration or development programs.

These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include; success of the Company's projects; prices for gold remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour- related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: risks related to the COVID-19 pandemic; fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar); operational risks and hazards inherent with the business of mineral exploration; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices, including environmental, export and import laws and regulations; legal restrictions relating to mineral exploration; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; title matters and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

*Readers are cautioned that portable XRF (X-Ray Fluorescence) spot analyses are not equivalent to laboratory assays; they simply give an indication of the presence of certain metal elements in the drill core. Spot analyses referenced here were collected using an Olympus Vanta XRF Analyzer, which cannot reliably detect Gold, but does detect the geochemical pathfinder elements such as Arsenic, Bismuth, Copper, Antimony, Molybdenum, Lead, and Zinc that are commonly associated with Gold. Assay results are pending.

SOURCE: Kingfisher Metals Corp.